Shares of Centennial Resource Development Inc (NASDAQ:CDEV) have received a consensus recommendation of “Buy” from the twenty-two research firms that are covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $24.56.

Several equities analysts have recently issued reports on CDEV shares. BidaskClub upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Saturday, April 21st. National Alliance Securities downgraded Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Friday, May 25th. SunTrust Banks initiated coverage on Centennial Resource Development in a research report on Friday, June 15th. They issued a “hold” rating and a $20.00 target price for the company. ValuEngine upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, TD Securities initiated coverage on Centennial Resource Development in a research report on Thursday, July 5th. They issued a “buy” rating and a $23.00 target price for the company.

Shares of NASDAQ CDEV opened at $17.77 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $5.11 billion, a PE ratio of 63.46 and a beta of 1.35. Centennial Resource Development has a 12-month low of $15.78 and a 12-month high of $22.14.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. The business had revenue of $217.76 million during the quarter, compared to the consensus estimate of $220.58 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The business’s revenue was up 139.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.09 earnings per share. analysts predict that Centennial Resource Development will post 0.9 earnings per share for the current year.

In other news, VP Brent P. Jensen bought 4,500 shares of the business’s stock in a transaction on Friday, May 25th. The stock was purchased at an average cost of $17.75 per share, for a total transaction of $79,875.00. Following the completion of the transaction, the vice president now directly owns 91,203 shares of the company’s stock, valued at approximately $1,618,853.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO George S. Glyphis purchased 15,000 shares of the company’s stock in a transaction on Monday, June 4th. The stock was bought at an average cost of $16.79 per share, for a total transaction of $251,850.00. The disclosure for this purchase can be found here. Corporate insiders own 31.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Centennial Resource Development by 0.8% in the second quarter. FMR LLC now owns 31,157,173 shares of the oil and natural gas company’s stock valued at $562,698,000 after buying an additional 240,034 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Centennial Resource Development by 5,006.6% in the first quarter. JPMorgan Chase & Co. now owns 10,711,283 shares of the oil and natural gas company’s stock valued at $196,552,000 after buying an additional 10,501,529 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Centennial Resource Development by 13.1% in the second quarter. BlackRock Inc. now owns 7,488,572 shares of the oil and natural gas company’s stock valued at $135,243,000 after buying an additional 866,574 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Centennial Resource Development by 29.6% in the first quarter. Neuberger Berman Group LLC now owns 5,119,911 shares of the oil and natural gas company’s stock valued at $93,950,000 after buying an additional 1,168,756 shares in the last quarter. Finally, Frontier Capital Management Co. LLC bought a new position in shares of Centennial Resource Development in the second quarter valued at $81,270,000. 91.88% of the stock is currently owned by institutional investors.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc, together with its subsidiary, Centennial Resource Production, LLC, operates as an independent oil and natural gas company in the United States. It focuses on the development of unconventional oil and associated liquids-rich natural gas reserves located in the Permian Basin.

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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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